IndiaFirst Life

TERM PLAN
(Non-Linked, Non-Participating Life, Regular Premium,
Individual Pure Term Insurance Plan)
(UIN: 143N070V01)
Before You Start Reading To Help Your Understanding
Important Note We’ve done our best to explain everything as
IndiaFirst Life Elite Term Plan is referred to as simply as possible; however you’re likely to
come across some terms you’re unfamiliar
the Policy throughout the brochure.
with. Where possible, we’ve explained these.
How Will This Brochure Help You? We have used plain language that’s easy to
This brochure gives you details of how the understand and believe this brochure is a good
policy works throughout its lifetime. It’s an place to start when considering an investment.
important document to refer to.

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About IndiaFirst Life Insurance ¡ Introducing IndiaFirst Life Elite Term Plan, a Pure
Headquartered in Mumbai, IndiaFirst Life Insurance Protection plan that offers a Life Cover up to age
Company Limited (IndiaFirst Life), with a paid-up 99 with just a few clicks - the easiest and smartest
share capital of INR 754.37 crore, was incorporated in way to meet your needs.
the year 2008. As one of the fastest growing private Key Features
life insurers in the country, IndiaFirst Life has two ¡ Enjoy the benefits of a life cover for up to age 99.
public-sector banks as shareholders, Bank of Baroda ¡ Enjoy high cover at affordable rates.
(65% stake) and Union Bank of India (9% stake)
whose footprint and experience continue to fortify the ¡ Secure your family’s financial future with a
value proposition it offers to all stakeholders. Carmel death benefit that can be taken as Lumpsum or
Point Investments India Private Limited promoted by monthly instalments.
Carmel Point Investment Ltd, also holds 26% stake in ¡ Avail tax benefits on premiums paid & benefits
IndiaFirst Life. received as per applicable tax* laws.

Why you need this product? Plan at a Glance

Your protection, our security… 1. What is IndiaFirst Life Elite Term Plan?
¡ Your family & loved ones have always been your IndiaFirst Life Elite Term Plan is a pure protection plan
priority. You have done everything to make sure which offers an insurance cover on your life till age 99. The
they have a good lifestyle. But with the world as policy secures your family & loved ones in case of your
uncertain as it is, you should also ensure that they untimely demise. This plan can also be bought Online.
remain financially secure even in your absence.
2. What is the basic eligibility criteria in this policy?
Minimum age at entry 18 years
Maximum age at entry 65 years
Maximum age at maturity 99 years
Policy Term 5 - 81 years
Premium Paying Term Regular Premium: Same as chosen Policy Term
Premium Mode Monthly / Quarterly/ Half Yearly / Yearly
Frequency Minimum Premium Amount (Rs.)
Monthly Rs 270
Quarterly Rs 803
Min Premium
Half-yearly Rs. 1,587
Yearly Rs 3,100
Minimum Sum Assured Rs. 50 Lakhs
Maximum Sum Assured No Limit subject to Board Approved Underwriting Policy

3. How much Premium do you need to pay?

Premium will depend on the life assured’s age, the policy term and the sum assured chosen.
The mode of premium payment and frequency will also impact the premium amount. The following premium
frequency factors will apply on the yearly premium to get instalment premium.
Premium Frequency Factor To Be Applied To Yearly Premium
Monthly 0.0870
Half Yearly 0.5119
Quarterly 0.2590
Yearly 1

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4. What is the sum assured in this policy?
The Sum Assured under this policy will be higher of:
• Sum Assured on Death
• 10 times of annualized premium
• 105% of Total Premiums Paid (TPP) till date of death.
Customer to choose the Sum Assured on Death subject to minimum & maximum Sum Assured conditions as per
Board approved underwriting policy. Premium will be calculated on the basis of Sum Assured chosen. Please
refer to the eligibility criteria mentioned above (Point 2) for more details.
5. What is the benefit payable in case of the life assured’s demise? (Death Benefit)
Coverage Options Death Benefit
Option: Life Benefit Sum Assured as a lump sum amount is payable on the death of the life assured, during
the term of the policy.
However, the nominee has an option to receive level monthly instalments over a period
of 5 years. The policy terminates once the full amount of benefit is paid out.

6. Do I get a discount on renewal premiums, if paid in advance?

We will offer discount on renewal premium amount within the same financial year for the premium due in that
financial year; provided the premium due in one financial year will be collected in advance in earlier financial year
for a maximum period of three months in advance of the due date of the premium. The premium collected in
advance will be adjusted on the due date of the premium. Applicable commission will be payable after
adjustment of the premium on due date of the premium.
The discount rate applicable for the quarter will be calculated on 5-year G-Sec bond yield (rounded to nearest 5
bps) as at beginning of the quarter. The same discount rate will be applicable to all the advance premiums being
paid by the policyholder during that quarter. The discount rate will be calculated from advance premium paid
date to premium payment due date (in complete months).

7. What do you receive at the end of the policy term? (Maturity Benefit)
There is no maturity or survival benefit payable under this policy. This is a non-participating pure term insurance policy.
How does this plan work? (Illustrative Example)
Jay, is a 40 year old man who works at a private bank and is looking for a plan to secure his family’s financial future in his absence.
He purchased IndiaFirst Life Elite Term Plan with a Sum Assured of INR 1 Crore and coverage till age 80.
He buys the plan online and receives a discount of 10% on his 1st year premium. He pays an annual premium of
Rs. 26,344 (Inclusive of GST) for 1st year and pays Rs. 29,272 (Inclusive of GST) from 2nd year onwards regularly.
On Jay’s untimely demise at age 54, the Sum Assured of Rs. 1 Crore is paid to his nominee & the policy terminates

Male, 40-year-old In case of Death during the policy

Term, nominee receives the Base
Sum Assured of Rs. 1,00,00,000

Pay Annual premium of Rs, 26,344 for 1st year and

Rs. 29,272 from second year onwards for 40 years
Cover till
Entry Age Age 80
40

Life Cover for entire Policy Term of 40 years

*Premium shown above are inclusive of GST & discounts.

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Sample Premiums
Sample 1st year Premiums for a healthy male life with Sum Assured of 1 crore. (Inclusive of GST & 10%
1st year Discount)
Age/Policy term 5 10 20 30 40 Upto age 99
20 5512 5512 5706 6302 7039 10337
30 7635 7635 8625 10303 12232 18005
40 12862 13189 16545 21126 26344 34952
50 26353 28308 38149 51011 65147 72128

8. First year Discount 3. providing a declaration of good health and

undergoing a medical examination at your own
Additional discount on 1st year premium will be cost, if needed.
available to the policies sourced through Online
Channel, Direct sales or Web Aggregators and A lapsed Policy will only be revived along with all its
employees of IndiaFirst Life, Bank of Baroda and its benefits in accordance with our board approved
associated banks underwriting policy. The Policy will terminate and
you will not be entitled to receive any benefits, if the
9. High Sum Assured Discount lapsed Policy is not revived till the expiry of the
Revival Period.
Additional discount will be available for Sum
Assured of 1 Cr and higher. Higher the sum assured 12. Can you surrender your policy?
chosen higher will be the discount.
No, there is no surrender value payable under this plan.
10. Tax benefits under this policy 13. Can you cancel your policy?
You also stand to get tax benefits on premiums paid Yes, you can cancel your policy if you disagree with
and benefits received as per prevailing Income Tax any of the terms and conditions within 30 days (free
Laws. These are subject to change from time to time look period) from receipt of your policy document
as per the Government Tax laws. Please consult your whether electronically or otherwise. You can return
tax consultant before investing. the policy to us, while stating your specific
objections. Request for cancellation of policy during
11. What happens if you miss paying free look period will be processed and premium will
premiums Is there a grace period for be refunded within 7 days of receipt of request.
missed premiums? We will return your premium as follows –
We provide you a grace period of 30 days in case of Premium paid Less:
Yearly, Half-Yearly or Quarterly premium mode and 15
days in case of monthly premium mode. This period I. Risk Premium for the period you were covered
starts from the due date of each premium payment. under the policy
All your policy benefits continue during this grace II. Charges towards medical examination, if any
period. In case of death during the grace period we will III. Stamp duty charges
pay the sum assured to the nominee/appointee/legal
heir after deducting the due premium. 14. Do you get any loan benefits under
If you do not pay your premiums before the end of your policy?
the grace period, your life cover ceases, and your No. Loan facility is not available under this policy.
policy will lapse.
What are your options to revive a lapsed policy? 15. What happens in case the life assured
You may revive the lapsed Policy within 5 years from commits suicide?
the due date of first unpaid regular premium but In case of death due to suicide within 12 months from the
before the Maturity Date by: date of commencement of risk under the policy or from
1. submitting a written request for revival of the the date of revival of the policy, as applicable, the
lapsed Policy. nominee or beneficiary of the policyholder shall be
2. paying all unpaid due Premiums without any entitled to 80% of the total premiums paid till the date of
interest; and death or the surrender value available as on the date of
death whichever is higher, provided the policy is in force.
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16. Nomination the policy or the date of the rider to the policy,
whichever is later, on the ground of fraud:
The member can appoint a nominee as per Section Provided that the insurer shall have to
39 of the Insurance Act, 1938 as amended from time communicate in writing to the insured or the
to time. For more details on the nomination, please legal representatives or nominees or assignees
refer to our website [Link] of the insured the grounds and materials on
17. Assignment which such decision is based.
As per the provisions of Section 38 of the Insurance 3) Notwithstanding anything contained in sub-
Act, 1938 as amended from time to time. For more section (2), no insurer shall repudiate a life
details, please refer to our website insurance policy on the ground of fraud if the
[Link] insured can prove that the mis-statement of or
suppression of a material fact was true to the
18. You are prohibited from accepting best of his knowledge and belief or that there
was no deliberate intention to suppress the fact
rebate in any form or that such mis-statement of or suppression of
Prohibition of Rebate: Section 41 of the Insurance a material fact are within the knowledge of the
Act, 1938 as amended from time to time states. insurer: Provided that in case of fraud, the onus
1. No person shall allow or offer to allow, either of disproving lies upon the beneficiaries, in case
directly or indirectly, as an inducement to any the policyholder is not alive.
person to take or renew or continue an insurance 4) A policy of life insurance may be called in
in respect of any kind of risk relating to lives or question at any time within three years from the
property in India, any rebate of the whole or part date of issuance of the policy or the date of
of the commission payable or any rebate of the commencement of risk or the date of revival of
premium shown on the policy, nor shall any the policy or the date of the rider to the policy,
person taking out or renewing or continuing a whichever is later, on the ground that any
policy accept any rebate, except such rebate as statement of or suppression of a fact material to
may be allowed in accordance with the published the expectancy of the life of the insured was
prospectus or tables of the insurer. incorrectly made in the proposal or other
Any person making default in complying with the document on the basis of which the policy was
provisions of this section shall be liable for a penalty issued or revived or rider issued: Provided that
which may extend to ten lakh rupees. the insurer shall have to communicate in writing
to the insured or the legal representatives or
19. What happens in case of submission of nominees or assignees of the insured the
information which is false or incorrect? grounds and materials on which such decision
to repudiate the policy of life insurance is based:
Fraud/ Misstatement would be dealt with in Provided further that in case of repudiation of
accordance with provisions of Section 45 of the the policy on the ground of misstatement or
Insurance Act 1938, as amended from time to time. suppression of a material fact, and not on the
Section 45 of the Insurance Act 1938, as amended ground of fraud, the premiums collected on the
from time to time states policy till the date of repudiation shall be paid to
1) No policy of life insurance shall be called in the insured or the legal
question on any ground whatsoever after the representatives or nominees or assignees of the
expiry of three years from the date of the policy, insured within a period of ninety days from the
i.e., from the date of issuance of the policy or the date of such repudiation.
date of commencement of risk or the date of 5) Nothing in this section shall prevent the insurer
revival of the policy or the date of the rider to the from calling for proof of age at any time if he is
policy, whichever is later. entitled to do so, and no policy shall be deemed
2) A policy of life insurance may be called in to be called in question merely because the
question at any time within three years from the terms of the policy are adjusted on subsequent
date of issuance of the policy or the date of proof that the age of the Life Insured was
commencement of risk or the date of revival of incorrectly stated in the proposal.

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Grievance Redressal An acknowledgment to all such grievances
You may contact us in case of any grievance at any of received will be sent within 3 (Three) working
our branches or at Customer Care, IndiaFirst Life days of receipt of the grievance.
Insurance Company Ltd, 12th & 13th Floor, North [C] c. If you are not satisfied with the response or do
Wing, Tower 4, NESCO IT Park, Nesco Center, not receive a response from us within 15 days,
Western Express Highway, Goregaon (East), you may approach the Grievance Cell of the
Mumbai - 400063. Insurance Regulatory and Development
Contact No.: 1800 209 8700, Email id: Authority of India (IRDAI) on the following
[Link]@[Link]. IRDAI Regn No. contact details:
143. CIN: U66010MH2008PLC183679. IRDAI Grievance Call Centre (IGCC)
a. A written communication giving reasons of TOLL FREE NO: 155255
either redressing or rejecting the grievance will Email ID: complaints@[Link]
be sent to you within 15 (Fifteen) days from the You can also register your complaint online at
date of receipt of the grievance. In case We don’t [Link]
receive a revert from You within 8 weeks from
the date of Your receipt of Our response, We will Address for communication for complaints by
treat the complaint as closed. fax/paper:
Consumer Affairs Department,
b. However, if you are not satisfied with our Insurance Regulatory and Development
resolution provided or have not received any Authority of India,
response within 15 (Fifteen) days, then, you may Sy. No. 115/1, Financial District, Nanakramguda
approach our Grievance Officer at any of our Gachibowli, Hyderabad- 500032 Telangana
branches or you may write to our Grievance IRDAI TOLL FREE NO: 18004254732
R e d r e s s a l O f f i c e r a t
[Link]@[Link].

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Disclaimer:
IndiaFirst Life Insurance Company Limited, IRDAI Regn No.143, CIN: U66010MH2008PLC183679, Address: 12th &
13th floor, North [C] Wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East),
Mumbai – 400 063. Toll free No – 18002098700, [Link]fi[Link] SMS to 5667735 SMS Charges apply.
IndiaFirst Life Insurance Company Limited is only the name of the Life Insurance Company and IndiaFirst Life Elite
Term Plan UIN 143N070V01 is only the name of the Life Insurance Product and does not in any way indicate the
quality of the contract, its future prospects, or returns. For more details on risk factors and terms and conditions,
please read the sales brochure carefully before concluding the sale. Trade logo displayed above belongs to our
promoters M/s Bank of Baroda is used by IndiaFirst Life Insurance Co. Ltd under License.

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